Inventory Management extends to both internal and external processes as it includes tracking the available, ordered, and in transit supplies/goods. In other words, this is a kind of management that involves the flow of goods from the suppliers or manufacturers to the business’ warehouse/s, and to the market/customers. This is a crucial part of business management as it ensures that the company has enough inventory to sell without incurring so many costs and how these products were delivered to the customers and further be replenished. An effective inventory management will help in enhancing customer relationships and efficient and sustainable business operations.

However, with its significance in the business, it is also a complicated process as it considers the changing demands and supplies’ availability, logistics, and the materials’ natural lifecycle. This is also the reason why many companies shift to automated inventory management software where inventory count, orders, and tracking are transparent and can be accessed in multiple channels, rather than in doing them manually through multiple spreadsheets and pen and paper which are also prone to human error and data loss. (NetSuite, 2020)

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